LRS General Discussion, page-18646

Will 12.5 hold?

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Yes LRS lost from 14.5 to 13 this week from a weekly perspective. It touched its 52 week low of 12

5 nearnearly all the days. It has held for now. Can it hold next week?

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So what is happening? Same as I wrote last week, playing the Li macro. And the macro is very poor. Spot price declining. ALB which I use as barometer, struggling to hold 80, new 52 week low this week
Ganfeng within 2%of its lows. Lots of Li stocks doing new 52 week lows every week. So it's clear. Li sector is in deep strife. And unfortunately, there are no signs of a dramatic improvement. But stock market is all about sentiment. A sniff that it is turning will give a rise of 30 to 40%, in a blink, before anyone realises. But for that, first we have to find the bottom. A reversal. Signs as of today says more pain before gains, but anything can happen, so please dyor.

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Overall the stock market is in a very poor state, the worst I have seen in a long time. And it's just not Li stocks, though they have been battered most. Ravgnome does a daily wrap on day thread in the evening. Yesterday 6 stocks did 52 week high. And 89 stocks did 52 week low. So it's just not Li, overall markets are in dire state.

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Personally I have not yet bought back. Want to see some reversal signs first.

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So what may happen next week? It would be good to hold 12.5. Otherwise I feel 10 will come into play. It's good that management have clarified that no CR for some time. In many of my previous posts. I had mentioned I was apprehensive of a CR, so a clarity is good. So we now play the technicals and more importantly, Li macro. And hopefully 12.5 holds, we get to 15, 17, 19 and then blue skies. Enjoy your weekend and all the best.